DGFT halts permissible waste norms on jewellery exports until July 31
The jewellery exporters in India have heaved a sigh of relief after Directorate General of Foreign Trade (DGFT) has put on hold the revised norms on the permissible wastage amount for gold, platinum, and silver content in various categories of export of jewellery items manufactured by mechanized and non-mechanised processes.
The decision has been taken after the Gems and Jewellery Export Promotion Council (GJEPC) strongly advocated with the DGFT and the Ministry of Commerce and Industry to put on hold the revised norms for a balanced approach that enables minimal disruption to exports and considers both efficiency and the livelihoods of millions associated with the trade.
In a notification, the Directorate General of Foreign Trade (DGFT) amended the percentage of wastage by weight in export of plain jewellery to 0.5% for gold and platinum from 2.5% earlier and in studded jewellery to 0.75% from 5% before.
In the meeting held on May 28, GJEPC informed DGFT officials that the revised norms would have a disproportionate impact on the small and medium-sized enterprises (MSMEs), which represent 85% of all exporters.
DGFT has given GJEPC time until 31st July to provide inputs on Standard Input Output Norms (SION). In this time period, GJEPC will conduct a detailed study on wastage norms on different categories of jewellery including plain, studded, machine-made and hand-made.
Vipul Shah, Chairman, GJEPC, said “The industry’s growth and competitiveness depend on thoughtful policies. We appreciate the DGFT’s prompt action to put the new wastage policy in abeyance considering its impact on small exporters. The norms have been prevailing for over a decade, and any significant change requires thorough study and consultation with industry stakeholders.”
“By putting the revised wastage norms on hold till 31st July to provide detailed inputs on wastage in various jewellery categories, DGFT through its immediate action, has avoided an immediate standstill of exports.”
Source: https://theblunttimes.in/